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Standing Committee on Finance (2019-2020) 12 STANDING COMMITTEE ON FINANCE (2019-2020) SEVENTEENTH LOK SABHA MINISTRY OF FINANCE (DEPARTMENTS OF ECONOMIC AFFAIRS AND REVENUE) AND MINISTRY OF COMMERCE (DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE) FINANCING THE STARTUP ECOSYSTEM TWELFTH REPORT LOK SABHA SECRETARIAT NEW DELHI TWELFTH REPORT STANDING COMMITTEE ON FINANCE (2019-2020) (SEVENTEENTH LOK SABHA) MINISTRY OF FINANCE (DEPARTMENTS OF ECONOMIC AFFAIRS AND REVENUE) AND MINISTRY OF COMMERCE (DEPARTMENT FOR PROMOTION OF INDUSTRY AND INTERNAL TRADE) FINANCING THE STARTUP ECOSYSTEM Presented to Hon'ble Speaker on 9th September 2020 Presented to Lok Sabha on _________________ Laid in Rajya Sabha on _______________ LOK SABHA SECRETARIAT NEW DELHI CONTENTS Composition of the Committee (2019-2020) Introduction PART-I A. Introduction B. The Startup Ecosystem in India C. About Venture Capital/Private Equity and Its Contribution D. Way Ahead to Strengthen the Financing of the Startup Ecosystem PART-II OBSERVATIONS/ RECOMMENDATIONS APPENDICES Minutes of the Sittings of the Committee held on 03.01.2020, 28.07.2020 and 08.09.2020. COMPOSITION OF STANDING COMMITTEE ON FINANCE (2019-2020) Shri Jayant Sinha - Chairperson MEMBERS LOK SABHA 2. Shri S.S. Ahluwalia 3. Shri Subhash Chandra Baheria 4. Shri Vallabhaneni Balashowry 5. Shri Shrirang Appa Barne 6. Dr. Subhash Ramrao Bhamre 7. Smt. Sunita Duggal 8. Shri Gaurav Gogoi 9. Shri Sudheer Gupta 10. Smt. Darshana Vikram Jardosh 11. Shri Manoj Kishorbhai Kotak 12. Shri Pinaki Misra 13. Shri P.V Midhun Reddy 14. Prof. Saugata Roy 15. Shri Gopal Chinayya Shetty 16. Dr. (Prof.) Kirit Premjibhai Solanki 17. Shri Manish Tewari 18. Shri P. Velusamy 19. Shri Parvesh Sahib Singh Verma 20. Shri Rajesh Verma 21. Shri Giridhari Yadav RAJYA SABHA 22. Shri Rajeev Chandrasekhar 23. Shri A. Navaneethakrishnan 24. Shri Praful Patel 25. Shri Amar Patnaik 26. Shri Mahesh Poddar 27. Shri C.M. Ramesh 28. Shri Bikash Ranjan 29. Shri G.V.L Narasimha Rao 30. Dr. Manmohan Singh 31. Smt. Ambika Soni SECRETARIAT 1. Shri V.K. Tripathi - Joint Secretary 2. Shri Ramkumar Suryanarayanan - Director 3. Shri Kulmohan Singh Arora - Addl. Director 4. Ms. Yugma Malik - Committee Officer INTRODUCTION I, the Chairperson of the Parliamentary Standing Committee on Finance, having been authorized by the Committee, present this Twelfth Report on the subject 'Financing the Startup Ecosystem' 2. At their sittings held on 03 January, 2020, the Committee took evidence of the representatives of the Indian Private Equity and Venture Capital Association (IVCA). On 28 July, 2020, the Committee took evidence of the officials of the Ministry of Finance (Departments of Economic Affairs and Revenue and Ministry of Commerce (Department for Promotion of Industry and Internal Trade). The Committee also interacted with the representatives of Pension Fund Regulatory and Development Authority (PFRDA) and Life Insurance Corporation of India (LIC) on 8 September, 2020. 3. During the study visit to Bengaluru on 20th January, 2020, the Committee held discussions with the representatives of IVCA. 4. The Committee at their sitting held on 8 September, 2020 considered and adopted the draft report and authorised the Chairperson to finalize the same and present it to the Hon'ble Speaker. 5. The Committee wish to express their thanks to the officials of the Ministry of Finance (Department of Economic Affairs and Revenue), Ministry of Commerce (DPIIT) and representatives from IVCA, PFRDA and LIC for appearing before the Committee and furnishing the requisite material and information which were desired in connection with the examination of the subject. 6. For facility of reference, the observations/recommendations of the Committee have been printed in bold at the end of the Report. New Delhi Shri Jayant Sinha 08 September, 2020 Chairperson, 17 Bhadrapada, 1942(Saka) Standing Committee on Finance Report PART - I Introduction 1.1 A startup ecosystem enables the flow of high-impact innovations into the economy. Through this ecosystem, innovators and entrepreneurs develop and launch solutions to solve real-world problems faster and at scale. Additionally, startup ecosystems accelerate job and wealth creation from high-impact innovations. The value of a startup ecosystem lies in the access to resources and information flow creating more investment opportunities for the right institutions to connect with the right ideas for their businesses and portfolios, at the right time and for the right reasons. 1.2 Innovation-driven job and wealth creation drive prosperity and comprehensive national power. As a result, the growth of startup ecosystems is an important national priority in all major economies. Moreover, all countries are currently reeling under the high and rising human and economic cost caused by the outbreak of COVID-19 pandemic, which has compelled governments to enforce isolation, lockdown and widespread closures in order to contain the spread of the highly infectious virus. India's ability to rise and show resilience post the pandemic and generate wealth and create social goodwill will come by tapping its huge entrepreneurial potential. 1.3 India’s rapid recovery from the COVID-19 pandemic and sustainable fast-growth thereafter will depend vitally on the quality of our startup ecosystem. Such an ecosystem includes incubators, startup accelerators, venture capitalists, private investors, foundations, entrepreneurs, universities, government, corporations, mentors and the media. They all play a significant role in creating value in the larger ecosystem by transforming new ideas into reality through knowledge generation, its diffusion and use; domestic and international regulatory environment; training; product market conditions and availability of finance. Startups and innovators are driving the next wave of innovation in India. Innovative services, products, and business models are going to dictate the growth trajectory of the Indian economy for the next decade and play a key role in helping India realize its potential as a global superpower and in achieving the goal of Aatmanirbhar Bharat. 1.4 India is set to become one of the biggest consumer markets in the coming years and entrepreneurship is deemed as one of the key pillars to drive India’s growth. Under these circumstances, India must actively construct and nurture its innovation hubs that bring together entrepreneurship, industry, capital, and research. Startup ecosystems are an amalgamation of highly specialised talent, research from top-tier universities, an incentive system for entrepreneurs, a promising market and large pools of investable capital. 1.5 In total, India has produced about 50 or so unicorns – namely, startups that have gone on to exceed $1 billion in equity valuation. Each of these startups has been started by entrepreneurs with the backing of institutional investors such as venture capital and private equity funds. Startups are therefore quite different from companies started by established business groups, since they do not start with any built-in advantages and resources. Their business success is largely due to their proprietary intellectual property, innovative business models and entrepreneurial hustle. 1.6 These unicorns are now worth more than $500 billion collectively and have greatly contributed to job and wealth creation. Among these are well-known leaders in the IT services, telecom, financial services, airline, e-commerce, and retailing industries. In the past decade alone, India has created about 35 unicorns and 60 soonicorns. These startups have raised about $40 billion in equity financing from institutional investors. Therefore, to reach unicorn status (and to achieve national/global scale), startups typically have to raise hundreds of millions of dollars in equity financing. Simply stated, we will not be able to create global scale competitors in India if we are not able to put thousands of crores of equity financing into our top startups. 1.7 Industry data indicates that more than 80% of startup financing is coming through foreign capital, largely channelled through the venture capital and private equity industry. India’s financial system must be strengthened so that much more domestic equity capital is available to scale up our startups. This will support our goal of building an Aatmanirbhar Bharat. 2. The Startup Ecosystem in India 2.1 The Startup India initiative, managed by the Ministry of Commerce (Department for Promotion of Industry and Internal Trade) was launched on 16th January, 2016 by the Honourable Prime Minister with an objective to build a strong ecosystem for nurturing innovation and startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. Entrepreneurial activity is gathering pace in the following six broad categories of Startups in India: (a) Category I: Scalable in Emerging / Fast-businesses in growth sectors(Unicorns) These ventures have scaled up with countrywide operations. Funding for scaling has been received in multiple rounds from venture capital funds. In search for scale and synergies these ventures have also made acquisitions of other ventures engaged in similar domains. Currently more than more than 80% of capital going into India’s unicorns comes from foreign sources and China has investment of over Rs. 30,000 crore in India’s growth companies and are currently investors in 18 of 30 unicorns. (b) Category II: Hyper-growth technology businesses These are ventures with innovative business models or which
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